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Banco Santander-ChileNYSE:BSAC 株式レポート

時価総額 US$16.2b
株価
n/a
1Y33.6%
7D-2.6%
1D-1.3%
ポートフォリオ価値
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Banco Santander-Chile

NYSE:BSAC 株式レポート

時価総額：US$16.2b

Banco Santander-Chile（BSAC）株式概要

バンコ・サンタンデール・チレはその子会社とともに、チリにおいて商業銀行およびリテール・バンキング商品・サービスを提供している。 詳細

BSAC ファンダメンタル分析
スノーフレーク・スコア
評価3/6
将来の成長3/6
過去の実績3/6
財務の健全性2/6
配当金4/6

報酬

当社が推定した公正価値より25.7%で取引されている

収益は年間8.28%増加すると予測されています

過去5年間の収益は年間6.6%増加しました。

リスク分析

不安定な配当実績


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Banco Santander-Chile 競合他社

価格と性能

株価の高値、安値、推移の概要Banco Santander-Chile
過去の株価
現在の株価CL$34.75
52週高値CL$37.72
52週安値CL$25.51
ベータ0.23
1ヶ月の変化0.58%
3ヶ月変化3.95%
1年変化33.55%
3年間の変化84.35%
5年間の変化70.76%
IPOからの変化274.15%

最新ニュース

Recent updates

Seeking Alpha • Aug 05

Banco Santander Chile Is Fully-Priced In A Cyclical Top In Credit

Summary Banco Santander Chile is benefiting from recent rate cuts, boosting margins and profitability, but this tailwind is likely ending. Credit quality is deteriorating, and macro headwinds—like weakening exports and rising US tariffs—pose risks to future earnings. Despite solid recent results, loan growth is stagnant and further margin expansion appears unlikely as rates stabilize. Valuation looks full given limited upside and real downside risks; I initiate coverage with a Hold rating. Read the full article on Seeking Alpha
Seeking Alpha • Sep 20

Banco Santander-Chile: High Quality Bank, But Stalled Profitability And Overvalued

Summary Banco Santander-Chile is the largest bank in Chile. The bank is leading the digital transformation in Chile's banking industry, with a 90% growth in digital clients since 2019. The bank's balance sheet is well-structured to weather any liquidity storm. Basel III metrics are excellent, too. However, last quarter's performance was disappointing: rising NPL and declining NIM. In other words, it is dropping profitability and soaring credit risk. BSAC is overvalued and measured with a dividend discount model compared to its peers. Considering all the above, I give BSAC a hold rating. Read the full article on Seeking Alpha
Seeking Alpha • Feb 03

Banco Santander-Chile GAAP EPADR of $0.25 misses by $0.06

Banco Santander-Chile press release (NYSE:BSAC): Q4 GAAP EPADR of $0.25 misses by $0.06. The Bank's total deposits decreased 4.3% QoQ and 3.4% compared to December 31, 2021. Also, demand deposits decreased 2.9% QoQ and 21.3% compared to December 31, 2021, due to the fact that the increase in rates led our clients to switch to more attractive time deposits that grew 28.1% compared to December 31, 2021.
Seeking Alpha • Jan 18

Banco Santander-Chile: A Less Compelling Risk/Reward As The ROE Reverts Lower

Summary Santander Chile posted a disappointing Q4 update. While the capital position remains strong, macro headwinds could still drive lower ROEs and higher provisions. The stock isn’t cheap relative to its ROE potential and risks. Banco Santander-Chile (BSAC), the leading bank in Chile by loan market share, recently posted a weaker-than-expected quarterly update for Q4, as the bottom line continued to suffer from declining net interest income. While some of the drivers are transitory (e.g., the negative impact from accounting hedges), the headwinds from a higher funding cost and cost of risk could extend into FY23, given current projections for an economic slowdown this year. Policy uncertainty is also a risk, not only from the ongoing constitutional reform process but also from a new consumer provisions model for Chilean banks to be implemented in April. Net, after a strong FY20/FY21, earnings momentum has likely peaked, and ROEs should continue to revert to pre-COVID levels going forward. At ~1.8x book for a mid to high-teens ROE bank with elevated macro and regulatory risks, the risk/reward isn't compelling here. Data by YCharts A Disappointing Q4 Update as NII Declines Further Santander Chile's preliminary Q4 update, headlined by net income down >50% YoY, was disappointing across all key metrics. In particular, the pace of the ROE contraction is concerning - the implied quarterly ROE of ~10% (down ~10%pts QoQ) is now running at the lowest point since FY20 and well below the 18.5% FY23 ROE guidance. The key driver of the P&L decline was the lower net interest income ((NII)) at -45% YoY, while the negative impact of accounting hedges and higher funding costs exacerbated the deterioration. The implied cost of risk (i.e., provisions as a % of the loan portfolio) was also up >20bps QoQ, more than offsetting any relief from the lower expenses and one-off income tax benefit. Banco Santander-Chile Digging deeper into the NII drop, the December loan growth appears to be the main culprit - the +6% YoY print marks a steep deceleration from recent months (November came in at +8%, and October was +9%). With most of the weakness concentrated in corporate and consumer (consistent with October/November trends), Santander Chile likely lost further market share in these segments. While mortgages have been relatively resilient, a pending slowdown in credit growth across Chile, alongside lower economic growth, should continue to weigh on the overall lending outlook. Also posing headwinds are expected disinflation throughout the year and 'higher for longer' rates, which will impact Santander Chile via its cost of funds. In sum, all signs indicate a potential downward revision to FY23 guidance at the upcoming Q4 result call in February. Capital Position Remains Strong Despite taking on additional provisions in Q4, capital ratios likely remained well above regulatory requirements. As of Q3 (the latest available data), the CET1 stood at 10.1%, ~160bps above the targeted 8.5% for FY25, so there is ample cushion. A key reason for this buffer is the $700m perpetual bond placement in December 2021, funded by parentco Santander (SAN), which also moved the total capital ratio well above the 11% regulatory limit for FY25. As a result, the 50%-60% payout guidance is well-supported, in my view. Still, investors will want to keep a close eye on the negative funding mix trend. Both time and demand deposits decreased during Q4, with time deposits contracting at a faster -6% QoQ vs. demand deposits at -3% QoQ. This should drive additional pressure on funding costs and, by extension, margins in the coming quarters. Keep an Eye on the Provisions Alongside ROEs, asset quality should also continue reverting lower to pre-COVID levels as the positive impact of the one-off pensions saving withdrawals and government aid gradually fade. Santander Chile hasn't been too badly affected, but recent months have seen the asset quality deterioration trend picking up. Recall that in Q3, the bank reclassified MCh120bn of additional provisions from the corporate book to the consumer in four installments to be recognized over the next few quarters. Management followed up on this disclosure with an additional MCh35bn of additional provisions, comprising MCh8bn for the consumer portfolio. All in all, this brought provisions for the consumer and mortgage books up ~85% QoQ in anticipation of more asset quality headwinds ahead. Banco Santander-Chile
Seeking Alpha • Oct 28

Banco Santander-Chile GAAP EPADR of $0.41 misses by $0.09

Banco Santander-Chile press release (NYSE:BSAC): Q3 GAAP EPADR of $0.41 misses by $0.09. Total deposits increase 2.4% QoQ. Total loans increased 1.8% QoQ and 6.3% from December 31, 2021.
Seeking Alpha • Sep 17

Banco Santander-Chile: Good Entry Point

Summary Rising rates have resulted in increased ROE in the short term, but this should normalize in the coming quarters. Chile may experience a recession during 2023, and loan growth may decline from its current level of 8-10%. Equities have still not recovered from the decline that began in October 2019 due to political risks. Now is an acceptable time to accumulate. Opportunity Overview Chilean banks have been on my radar this year, and I think now is a good time to continue building positions. In my last article on Banco De Chile (BCH), I covered the macroeconomic challenges Chile is facing and how banks would fare under these conditions. Chile has had to hike rates considerably this year, and inflation still ran ahead of rates. Growth will likely slow during the next couple of years, and banks will see a drop in ROE in the coming quarters as economic conditions become worse. On the political front, things look a bit clearer now, and equities are still trading below the October 2019 levels, when political risks rose in Chile. I have not focused extensively on copper in any of my Chile articles. However, I think the price of copper also has room to run, and that last cycles catalysts are not as relevant when determining future price movements. One final benefit of investing in Chile is that several macroeconomic characteristics, such as its lower public debt, stand out relative to emerging market peers. Sovereign debt is a significant risk within emerging market equities, and Chile is in a very favorable position in this sense. Chile is a mixed bag, and I don't expect anything magical to happen in 2023. But this looks like a good time to begin accumulating well-managed companies like Banco Santander Chile (BSAC) YCharts This significant underperformance is strange, as Chile has many relatively favorable macroeconomic traits and is trading at a very compelling valuation. Updated Macro Outlook Q2 Growth fell slightly below expectations at 5.4% instead of 5.7%. Moving forward, Chile's growth will likely be slightly below 2% during 2022, and the country faces a risk of recession in 2023. Key medium-term risks include an economic slowdown in China, the United States, and Europe, its main export markets. Private consumption will also likely decline due to the relatively higher household debt and record high inflation experienced this year. This comes at a time when rates are at a record high, which may put a strain on banks that primarily loan to consumers. SantanderCL Inflation has continued to accelerate in Chile each month, which has forced the Central Bank to raise rates to 10.75% in September 2022. This represents a multi-decade high, as rates did not even break 10% following the GFC. Inflation in Chile most recently rose by 14.1% YoY, the highest level experience during these twelve months shown below. However, rates should begin to normalize in 2023 if inflation comes under control and drops below 10%. Inflation in Chile Trading Economics Chile recently reached an agreement with the IMF to receive an $18.5 billion flexible credit line, which should help boost the country's credit profile. This provided much-needed relief, given that Chile's foreign exchange reserves declined substantially in the past year. However, foreign exchange reserves still covered more than five months of imports as of the end of July 2022. CEIC One of the main stand-out features of the Chilean economy includes the country's extremely low level of public debt. Chile's public debt levels are a far cry from the levels seen in other Latin American economies and emerging market economies. SantanderCL Interest payments as a % of total government revenue are very low compared to both Latin American and emerging market peers. This is a huge deal, as sovereign debt default risk will likely be one of the main risks within emerging markets this decade. Country Interest payments as % of revenue Chile 4.55% Brazil 21.66% Peru 8.16% Colombia 11.74% Egypt 33.25% Philippines 13.32% Malaysia 15.33% Kenya 24.07% Source: WorldBank (latest data) Exports still remain heavily dependent on copper (57% of total exports), and China is still its top export market (39% of exports). Chile is also very vulnerable to a slowdown in Western countries, as the United States and Europe purchase 27% of its total exports. Banco Central The price of copper has also been declining and is now near the lows experienced in January 2021. There could be room for the price of copper to run again during 2022-2023. Trading Economics Two of Chile's main appeals include its large reserves of copper (28% of market production) and lithium (22% of production). Copper and lithium are both electrical vehicle components, and the price of both could increase if there is not enough supply online. An EV requires 2.5 times as much copper as an internal combustible engine, while solar and offshore wind both need 2-5x as much copper relative to power generated by coal or natural gas. However, many investors may reference the post-2008 commodity cycle, which was driven by booming economic growth in China, and conclude there is not much room for these commodities to run due to perceived lower demand. At the very least, I would say the price of copper declining is not a huge risk moving forward, and that there are other much greater macro and political risks in Chile. Chile could be a great investment if the copper market heats up. Equities Still Down Post October 2019 My motivation to invest in Chile is based on macro and the solid profile of Chilean banks, but recent political developments (rejecting the new constitution) do look better. I certainly would have bought Chile on any negative political news, but it is helpful to note things appear more stable. Chilean equities have not had much time to move on this news, especially since much of the world was focused on other events like Fed hikes/US inflation/etc. Chilean equities are still down considerably since October 2019, when protests initially began. Ycharts The iShares MSCI Chile ETF (ECH) is down nearly 30% from its peak three years ago. Although this was not purely caused by political risks, it is still well worth noting. Moreover, Chilean equities trade at a substantial discount to emerging markets. MSCI Chile trades at around 7.6x earnings, while MSCI Emerging Markets trade at 12.4x earnings. Q2 Short-Term Boost for banks Q2 2022 was an excellent quarter for Chilean banks, but it appears that this benefit will be short-lived. Fitch Ratings projects 1.9% GDP growth in 2022 and 0.5% growth in 2023, roughly in line with projections made by other banks in Chile. Banks also benefited from rising rates YTD, but rates will likely normalize in 2023. Chile Benchmark Interest Rate Trading Economics This will put a short-term strain on banks that previously benefited from rising rates, which caused the banking sector's net income to increase by 66% YoY during Q2 2022. The slowdown in growth will likely kick in during 2023, as there will still be additional rate hikes during Q3 2022, which allowed Chile's benchmark interest rate to reach 10.75%. Rate cuts do not appear to be in the immediate picture, as inflation has still run ahead of rates, but there is still room for banks to continue growing as swiftly due to slower economic growth in the next five quarters. This is not to mention that NPLs may accelerate due to deteriorating economic conditions, although Chile and Banco Santander Chile are still in relatively good shape. Low Representation of SMEs There is still ample room for growth for banks that offer services to SMEs. Although SMEs represent the majority of bank clients, SME loans still only account for 8.4% of total commercial debt. Many measures taken by Banco Santander Chile, including Getnet, have been very successful among SMEs and Getnet has a 14% market share. Getnet has installed over 88,000 POSs, and 90% of its clients are SMEs. The company has ample room to increase this segment, as SME loans did drop some during Q2 2022. CMF/BSAC Watch Household Debt Some reports have referenced Chile's low household debt relative to other regional and emerging economies. However, household debt as a % of GDP is still near Chile's historical high of 43% achieved in June 2020. Although this is not a major source of concern, it is important to monitor in the context of rising retail products during Q2 2022 and higher interest rates. Leading Position and Diverse Offerings Banco Santander De Chile is the leading bank in Chile in terms of deposits, loans, checking accounts, and bank credit cards. The Chilean banking sector only has 18 banks, so investing in this bank and Banco De Chile, provides decent exposure to the sector.
Seeking Alpha • Aug 24

Banco Santander-Chile: Picking Out The Major Tailwinds And Headwinds

Summary BSAC's valuations, technical backdrop, and income profile make it an intriguing EM prospect. Yet, the macro-economic outlook and the bank's own near-term prospects don't look too encouraging. BSAC could remain volatile ahead of an uncertain referendum on the 4th of September. Company Snapshot Banco Santander-Chile (BSAC) is a Chilean-based bank involved in rendering a broad range of retail and commercial banking services. It is perceived to be the largest bank in Chile by way of aggregate loans, where it enjoys a market share of nearly 18%. BSAC is also the second-largest holder of deposits in the country, with a market share of 17.5%. As things stand, the bank has 324 branches across Chile and services over 4.2m clients there. A Few Reasons To Consider The BSAC Stock? BSAC looks like an intriguing bet for technically-minded investors that are on the lookout for EM-themed opportunities offering good value and yields. The first chart highlights how the BSAC stock is positioned relative to the global banking space, as represented by the iShares Global Financials ETF (IXG). We can see that this ratio currently looks relatively oversold and is a long way from the mid-point of its long-term range. StockCharts The second chart shows Banco Santander-Chile's relative strength versus BlackRock's flagship portfolio of 25 Chilean stocks (incidentally, Santander-Chile is amongst the top 10 names within this portfolio). We can see that over the last 15 years BSAC has been gaining strength over its Chilean counterparts in the shape of an ascending wedge; currently, that ratio is trading around the lower boundary of the wedge, implying favorable risk-reward for a potential mean reversion play. StockCharts Similar dynamics can also be witnessed on BSAC's long-term standalone chart, where the price action appears to be close to a support zone, and is a long way from its upper boundary. Investing Augmenting these technical imprints, we also have an attractive valuation and income backdrop. Based on consensus EPS estimates for FY23, the stock only trades at a forward P/E of 6.4x, which also represents a ~17% discount to its 5-year average multiple. YCharts This feels inordinately cheap for a banking play that has just delivered all-time high ROEs of 32% (just to put this into context, closer to home in the US, banks typically only deliver ROEs within the mid-teen range). Q2-22 Presentation On a price-to-book value basis, which is the more appropriate valuation metric for gauging banks, the valuation discount is even greater with the stock trading at 1.53x, a 37% discount to its long-term average. YCharts Finally, also consider the extremely attractive income angle on offer; this is an entity that has a long track record of paying out 60-75% of its earnings as dividends. Company Website With elevated payouts of this sort, compared with a depressed share price, you're looking at a very attractive yield of 7.45%, which is a good 260bps greater than the average yield that one typically gets from the BSAC stock. YCharts But Beware, The Outlook Isn't Great Based on the previous section, investors may be forgiven for thinking that I'm only viewing the investment credentials of BSAC stock with rose-tinted glasses; that certainly isn't the case, and I'm afraid the outlook prevents me from being bullish on this stock. Firstly, growth dynamics in Chile are expected to skid quite profusely; after delivering 11.7% GDP growth last year, no one was expecting a repeat of the same, but the recent Q2 numbers have remained stagnant on a sequential basis, coming in at mid-single digit terms. Crucially, H2 growth is expected to be a lot slower, with FY22 GDP forecasts pointing to figures of less than 1.5%. If Chile is expected to grow at 1.5%, BSAC management expects their loan growth to be in the 8-10% range, implying a loan to GDP multiplier of 6x. The more worrying challenge revolves around 2023 when GDP growth is actually expected to decline by 1%, could we see BSAC's loan growth stall? It doesn't help that the Chilean administration currently appears to be pursuing a program of tax reform that has already dampened enthusiasm for fresh investment projects. If large corporations - most of which are from the mining sector - are unwilling to show ample credit appetite on account of these developments, the onus will fall on Chilean consumers to make up the load; I think that's asking for a bit much particularly when monthly household budgets remain crippled on account of steep inflation levels which have recently broached the 13% mark! Heightened inflation has also left its mark on BSAC's OPEX base in Q2 which rose by 16% on a quarter-on-quarter basis (management linked this to higher personnel costs and administrative costs whilst the depreciation of the Peso has also left its mark on IT-related costs denominated in USD). It's worth noting that Banco Santander-Chile has recently gotten into a two-year investment plan worth $260m designed to upgrade their IT systems. Expect this to weigh on the pre-provision profits of the bank in the coming quarters.
Seeking Alpha • Jul 29

Banco Santander-Chile GAAP EPADR of $0.66 misses by $0.12

Banco Santander-Chile press release (NYSE:BSAC): Q2 GAAP EPADR of $0.66 misses by $0.12. Total deposits increased 2.1% QoQ. Clients shift from demand to time deposits as rates rise

株主還元

BSACUS BanksUS 市場
7D-2.6%-2.3%-1.5%
1Y33.6%16.0%13.3%

業界別リターン: BSAC過去 1 年間で16 % の収益を上げたUS Banks業界を上回りました。

リターン対市場: BSAC過去 1 年間で13.3 % の収益を上げたUS市場を上回りました。

価格変動

Is BSAC's price volatile compared to industry and market?
BSAC volatility
BSAC Average Weekly Movement3.2%
Banks Industry Average Movement3.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.3%
10% least volatile stocks in US Market2.9%

安定した株価: BSAC 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。

時間の経過による変動: BSACの 週次ボラティリティ ( 3% ) は過去 1 年間安定しています。

会社概要

設立従業員CEO（最高経営責任者ウェブサイト
19778,526Andrés Bucbanco.santander.cl

サンタンデール・チレ銀行（Banco Santander-Chile）はその子会社と共に、チリにおいて商業銀行およびリテール・バンキング商品・サービスを提供している。リテール、ウェルス・マネジメント＆インシュアランス、ミドルマーケット、コーポレート＆インベストメント・バンキング、コーポレート・アクティビティ＆その他の各セグメントを通じて事業を展開している。当座預金、貯蓄商品、デビットカード、クレジットカード、消費者ローン、自動車ローン、商業ローン、住宅ローン、政府保証ローン、各種商取引、貿易、外貨先渡契約、クレジットラインの資金調達のためのチリ・ペソ建て、外貨建てローン、住宅ローン融資サービスを提供している。投資信託運用、保険・証券仲介、外国為替サービス、ファイナンシャル・リース、ファイナンシャル・コンサルティング＆アドバイザリー、投資運用、外国貿易、リース、ファクタリング、トレジャリー、トランザクション・サービス、住宅プロジェクト資金調達に特化したサービスも提供している。さらに、短期融資、資金調達、仲介サービス、デリバティブ、証券化、その他の商品を提供し、資本配分を管理している。さらに、健康保険、生命保険、旅行保険、自動車保険、雇用保険、個人・法人向けプロテクション商品、保証、国際投資口座、ストラクチャード・ファンド、オルタナティブ投資ファンド、ウェルス・マネジメント、オープン・アーキテクチャ、アセット・マネジメント、プライベート・バンキング・サービスを提供している。個人、中小企業、その他企業、大学、政府機関、自治体、地方政府、建設・不動産会社にサービスを提供している。1977年に法人化され、本社はチリのサンティアゴにある。バンコ・サンタンデール・チリはバンコ・サンタンデールS A.の子会社である。

Banco Santander-Chile 基礎のまとめ

Banco Santander-Chile の収益と売上を時価総額と比較するとどうか。
BSAC 基礎統計学
時価総額US$16.23b
収益（TTM）US$1.18b
売上高(TTM)US$2.49b
14.0x
PER（株価収益率
3.2x
PBR（株価純資産倍率

BSAC は割高か？

公正価値と評価分析を参照

収益と収入

最新の決算報告書（TTM）に基づく主な収益性統計
BSAC 損益計算書（TTM）
収益CL$2.39t
売上原価CL$22.76b
売上総利益CL$2.37t
その他の費用CL$1.24t
収益CL$1.13t

直近の収益報告

Jun 30, 2026

次回決算日

該当なし

一株当たり利益（EPS）5.98
グロス・マージン99.05%
純利益率47.15%
有利子負債／自己資本比率533.3%

BSAC の長期的なパフォーマンスは？

過去の実績と比較を見る

配当金

4.0%
現在の配当利回り
56%
配当性向

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2026/09/14 13:07
終値2026/09/14 00:00
収益2026/06/30
年間収益2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

このレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。

シンプリー・ウォールストリート分析モデルを設計・構築した ご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Banco Santander-Chile 9 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。19

アナリスト機関
Roberto de Aguiar AttuchBarclays
Ernesto Gabilondo MárquezBofA Global Research
Gustavo SchrodenBradesco S.A. Corretora de Títulos e Valores Mobiliários